Information About MacDonald’s Tax Blog

So you’ve set up an Offshore Asset Protection Trust in the Cook Islands and transferred all of your liquid assets to the Trust. A creditor (let’s say the Canada Revenue Agency) brings an application in a Canadian court to have the trust declared invalid and the transfer of assets set aside on the ba … Read more »

If you are a high net worth person who is about to get married, you should consider transferring your assets to an Offshore Asset Protection Trust to protect your assets in the event of a divorce. Fifty percent of all marriages end in divorce. If that happens, then your Ex will have a claim on your … Read more »

The CRA has announced that bare trusts are not required to file a 2023 T3 return, unless the CRA requests it. This includes the new T3 Schedule 15 “Beneficial ownership information of a trust. If you would like more information on bare trusts click hereThe post Bare Trusts Exempt From 2023 Filing Re … Read more »

People often ask me if they will be able to reduce their income tax liability by establishing an Offshore Trust. The short answer is, “NO”, so long as they are resident in Canada. Canada’s tax system is based on residency. If you are a Canadian resident, then you are taxed in Canada on your worldwid … Read more »

I recently got retained to defend what appeared to me to be a bogus Statement of Claim. By bogus, I mean it had little to no chance of success. The plaintiff had issued the claim himself and was unrepresented by a lawyer. I did a quick online search of the plaintiff’s name on the Ontario Superior Co … Read more »